Banks DIH expanding

Chairman of Banks DIH Clifford Reis announced that the group has big plans for the expansion of its operations with new products and the purchase of new equipment as part of the company’s modernization, despite increasing competition.

He made the statement at the company’s 56th annual general meeting held at Thirst Park yesterday.

According to Reis, capital expenditure in the new financial year will include the acquisition of new vehicles, a new malt handling system, a wort kettle, a reverse osmosis water system, a pasteurizer for the beer plant as well as the modernization of the No 1 Bar at Demico House, which will be renamed Stabroek Sports Bar. The chairman also revealed that the Campsite Restaurant will be torn down and the site sold to Citizens Bank for the construction of its headquarters in the coming months.

Reis said that in 2011, the group improved its overall performance by recording a profit before tax of $4.036 billion compared to $3.081 billion for 2010, an increase of $995 million or 31 per cent.

Net profit for Banks DIH Limited increased from $1.362 billion in 2010 to $1.934 billion in 2011, reflecting an increase of $572 million or 42 per cent. Profit before tax for the company was $2.802 billion compared to $2.226 billion in 2010, an increase of $576 million.

Reis said shares traded at a price of $12.20 on the last trading date. He said that the healthy share prices that the company is enjoying are indicative of investor confidence in the company’s performance, both now and in the future. He said earnings per share increased by 44 per cent.